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Current as of January 01, 2022 | Updated by FindLaw Staff
The corporation may by resolution, trust indenture, mortgage, lease, or other contract confer upon an obligee holding or representing a specified amount in bonds, or holding a lease, the right upon a default as defined in the resolution or instrument by suit, action, or proceeding
(1) to have possession of a space-related project or part of one surrendered to the obligee, with possession retained by the obligee as long as the corporation continues in default;
(2) to obtain the appointment of a receiver of a space-related project or part of one and its rents and profits, who may enter, take possession, and for the duration of the default operate and maintain it, collect and receive all fees, rents, revenues, or other charges thereafter arising, and keep the money in a separate account or accounts to be applied in accordance with the obligations of the corporation as the court directs;
(3) to require the corporation and its members to account as if they were the trustees of an express trust.
Cite this article: FindLaw.com - Alaska Statutes Title 26. Military Affairs, Veterans, Disasters, and Aerospace § 26.27.230. Power of corporation to confer upon obligee right to bring action or proceeding - last updated January 01, 2022 | https://codes.findlaw.com/ak/title-26-military-affairs-veterans-disasters-and-aerospace/ak-st-sect-26-27-230/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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